Publications

Hogan Lovells Publications

When direct lending turns distressed

The recent Debtwire European Mid-Market Forum opened with a presentation from Paul Johnson of the Institute of Fiscal Studies. He warned the delegates of storm clouds gathering over the...

Hogan Lovells Publications

EC publishes its Final Report on EU loan syndication and its impact on competition in credit markets

The long awaited European Commission report into syndicated lending was published this morning.

Hogan Lovells Publications

Italy's Supreme Criminal Court holds IBLOR fronting structures illegal

In a recent judgment (No. 12777/2019 published on 22 March 2019, the "IBLOR Judgment"), the Fifth Criminal Section of Italy's Supreme Court of Cassation ruled the illegality of a fronting...

Hogan Lovells Publications

Collaboration between debt funds and banks in European mid-market leveraged financings

In the 10 years since the financial crisis debt funds have become a very significant source of liquidity in the European loans market. This is particularly the case in mid-market leveraged...

Publications

FATCA tweaks kick "Passthru" withholding back to the future

Those of us who regularly review debt facilities have probably noticed that the prospective (earliest) application date for FATCA withholding on "gross proceeds” from sales or other...

Publications

The evolving fiction of EBITDA in the European leveraged finance loans market

EBITDAfirst rose to prominence in the US leveraged buy-out craze of the 1980s and has since formed the key metric of leveraged finance transactions across the world. In this article,...

Hogan Lovells Publications

Direct lending in Italy – moving into the mainstream?

Until recently, it was necessary to hold a licence as a bank or financial intermediary to lend in Italy. However the law has changed to allow insurers, alternative investment funds, SACE...

Hogan Lovells Publications

High Yield Bonds: 2018 HY covenant vintage

While each covenant package remains bespoke and in the context of some push back from investors, here is an overview of the key trends we have noticed affecting the covenant package:

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